It’s time to review your business’ financial insights for the passing financial year, think of the key learnings and make purposeful decisions for the coming year. It’s #ThatTimeOfTheYear to discover opportunities, to step out of your comfort zone, and invest maximum efforts in your business growth strategies. With the current financial year end heading closer, we are here with some really thoughtful business resolutions for you that will help you achieve your business goals.
Before we begin, here is something that will help you stay committed to your financial year resolutions. Along with being ambitious, be sure to –
- Consider measurable goals that you can actually track and achieve
- Prioritise personal as well as financial wellness
- Segregate your business expenses from your personal expenses
Let’s get straight into the top 10 business resolutions that will bring you closer to a stronger and more prosperous financial year 2022-23.
1. Identify and Cope With Your Working Threshold Limit
Certain business processes do not contribute to your growth plan execution, yet seek ample of your time and efforts. The core administrative tasks often hold you back from investing your potential in more needful segments of your business. Moreover, all of us have different proficiencies, working capacities and varying ways of coping with our work stress. You must identify what your primary strengths are, and delegate the rest of the tasks to reliable resources, eventually saving on your productive efficiency by 69%.
2. Never Hesitate To Outsource Expertise
A lot of business owners tend to be in charge of major tasks to run their business, the way they want. If you think you’re one of them, you are sure to invest unnecessary hours of your day and additional manpower in managing activities that can be easily outsourced. Studies state that 60% of all occupations have at least 30% of constituent activities that could be automated. Being a business owner, it’s vital that you value your time and consider investing in some advanced and digital solutions that streamline your day-to-day activities.
Already digging into your new financial year decisions? Let’s talk about some important financial resolutions and how you can achieve them.
3. Give Your Business a Financial Check-Up
It’s really important to know what you wish to accomplish financially in the coming year. Focus on organising your payment schedules, navigating your crisis conditions and most importantly tracking your business debts and clearing them at the earliest. Monitor your entire business cash flow and cut time, cost and efforts on all your business banking activities with Open’s banking solutions; create long-term positive banking and finance management habits.
4. Prepare for a Financial Crisis
Anticipating challenges and readiness to step out of your comfort zone is the new normal. Plan a budget that can fulfil your business requirements even in the days of crisis, without hampering your daily revenue stream. Also, set monthly/ quarterly budget limits and track your business spends precisely, which will save you from unwanted financial hassles. Moreover, most businesses juggle one credit card across departments for various business tasks, which makes their bookkeeping very tedious. Make your expense management a cakewalk with Open’s expense management module and virtual cards. Get greater visibility on all your business spends across different teams, with a masterly budget tracking solution. Get on to learning what virtual cards are and how they work.
5. Follow the 50-30-20 Budget Rule
Expecting the unexpected simply means to make yourself capable of facing the challenges thrown at you. Your business savings become your biggest coping asset, while financial hardships pave your path. By following the 50-30-20 budget rule, you can divide your business finances into fulfilling basic business requirements – business enhancement activities – emergency funds, respectively. Fulfilling basic business requirements includes taking care of your employee expectations and company costs to run the operational tasks smoothly. Whereas business enhancement activities are the steps you take to achieve your occupational peak. Be sure that your business stays up-to-date with the latest tech, programs and apps, offering a supreme customer experience. The emergency funds can always be your saviour in not so favourable times.
6. Prioritise an Optimal Accounts Payable Process
Managing accounts payable for a business and making timely vendor payments takes an average 84% of a typical accounting practitioner’s time. Well, no more! Gone are the days when accounting professionals used all of their productive time in data entry and invoice processing. This new financial year, build, and grow all your vendor relationships in the best possible way. Automate your vendor payment process, and scale your business with Open’s bulk payout solutions that save 59% of your employee’s (otherwise productive) hours.
7. Streamline Your Taxes
Every hour spent on tax management adds a lost hour which could be used on other (more important) tasks. The tedious efforts required to maintain tax compliances bring in a few unnecessary tax risks. How about automating TDS payments that offer you the ease of tax compliance and roof-top accuracy? As you choose Open for managing your vendor payments, your TDS automation comes along. Make hassle-free TDS payments with Open along with several collective benefits.
Key Takeaway – You own ultimate expertise only in certain areas of your business. Its #ThatTimeOfTheYear to know your core capabilities and learn to leave operational and accounting tasks to experts who can streamline them for you!
Not to forget, digital acquisition holds equal importance when it comes to strategising your business processes in a better way. Digital pursuit augments your market outreach, ultimately amplifying your revenue.
8. Build and Boost Your Digital Presence
The dream of digital India has led to enormous hopes for Indian consumers’ digital experience. Create your presence online and look for ways to boost your discoverability with endless digital solutions. However, one of the biggest obstacles to becoming a digitally mature company is the lack of a digital transformation strategy. Business development experts highly recommend opting for solutions that help you create and strengthen your online presence. Open’s app store provides you with opportunities to build, establish and expand your business’ digitisation.
- List your business on Google creating a strong online business presence
- Grow your e-commerce existence
- Attract the right customers for your business
- Integrate payment gateway offering the best payment experience to customers
- Widen your business network across your target market
9. Prioritise Customer Experience
It’s the customer’s journey that explains and expresses your strategy’s success when it comes to online business. You have the power to boost your customer’s satisfaction, which further leads to their loyalty and retention. If you already own a loyal customer base, now is the time to exceed their expectations with the most advanced UX solutions available. For instance, you can check out Open’s Botsup, a no-code integration feature, that helps you create ultra-fast chatbots for your website. A chatbot offers all the essential information to the customer to drive them into making better purchase decisions. Keep up with various such user experience trends offering your users a conversational environment.
10. Never Stop Pursuing the Best Digital Trends
Last but not the least, check out all possible ways you can use to elevate your digital existence. Look for solutions that will blur the lines between the physical and digital world and raise your connectivity levels.
It’s #ThatTimeOfTheYear to accelerate your business growth, as you become more intentional about automating the core banking activities. Always remember, revamping your priorities with a new outlook and a dynamic approach will help you be a better business owner.
Are you ready for a successful new financial year?